Oil giant BP to exit the solar sector as numbers fail to add up

Oil giant BP is preparing to exit the solar industry entirely, saying the sector cannot deliver sufficient returns.

The UK-based energy group will wind down its BP Solar unit and sell-off the stakes it has in various projects around the world.

A document announcing the decision to the 100 or so employees (including 36 in the US) who will be affected says changes in the solar industry have left BP unable to achieve sufficient margins in the sector. The workers were notified last week.

"BP’s goal is to profitably grow in specific segments of the energy industry," says a BP spokesman in the US. "However, the major global solar markets continue Log in to read complete article.

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